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BoU Speaks Out On ‘Suspicious’ Currency Movement To Upcountry Branches

The Bank of Uganda (BoU) has spoken out on the reported suspicious movement of currency from Kampala to upcountry branches.

This comes at a time when Police is investigating the Central Bank following reports that some of its officials allegedly printed extra Shs90bn for their own use.

In a statement dated July1, 2019, BoU says “Bank of Uganda (BoU) undertakes movement of currency across its nine branches (including Kampala) as part of its constitutional mandate of “regulating the currency system in the interest of the economic progress of Uganda.”

“In line with the constitutional obligation, it adds, the BoU undertakes necessary logistical arrangements to deliver sufficient quantities of currency to ensure that Uganda’s cash based economy runs seamlessly.

In June 2019, there were standard stock movements between Kampala and the upcountry branches including Masaka that have rather unfortunately become a subject of speculation,” BoU says in the statement.

It adds: “BoU as part of its currency processing cycle moves currency stock within the Branch network to optimize vault space in its currency stations and meet the currency demand across the country. Therefore, the movement of stock between Kampala and the upcountry Branches in June 2019 was part of BoU’s normal currency operations.”

It adds that following the handover of the new building on Katwe road, Masaka where the new BoU branch is located, all centre’s operations were shifted from the Old Branch Office on Kampala Road, Masaka.  

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